Economy

The right philosophy for success

AlKhorayef Water and Power Technologies Co.

AWPT, with Rami Moussilli at the helm, was successfully listed in early 2021 and is a leading water and wastewater service provider.

Under the leadership of Rami Moussilli, AWPT has imposed itself as the leading water and wastewater service provider when it comes to execution and operation and maintenance of projects along the full value chain of the sector in Saudi Arabia.

Moussilli proudly declared that “(…) our position as a market leader owes much to the sustainable operational philosophy that we have adopted, and that philosophy is built on our strong code of ethics, our performance-driven management, and our in-depth expertise.”

The successful listing of AWPT in early 2021 is a culmination of the strong financial performance and the exponential growth that the company enjoyed over the past five years and is demonstrated by the strong turnout from investors. The institutional book-building process was 6,320% oversubscribed, while the retail offering was also 1,511% oversubscribed, reflecting investor confidence in the company. Shares of AlKhorayef Water and Power Technologies Co. (AWPT) rose by 30% to SAR93.60 (+SAR21.60 vs. the IPO price of SAR72) on its debut on the Saudi Stock Exchange. Regarding the IPO, Moussilli further elaborates; “our transformation into a listed company develops our strategy for corporate governance and sets solid foundations for the company’s future objectives of sustainable growth and extended foothold in the sector.”

Taking AWPT public was a great challenge because the business model was unfamiliar to the market. It required a great deal of business acumen and market analysis to draft the IPO that would get buy-in from investors and help the company achieve its goals.

But Moussilli has been able to raise strong interest by explaining the diversified, multi-layered, and sustainable business model of AWPT exceptionally well. Earning the trust of investors and making them see the value of investing in the company is one of his biggest achievements, he says. During the past six years, Moussilli has been able to grow the company organically and sustainably with a great outlook for the future. He further elaborates; “Our track record is also evident by the evolution of our backlog, which is the representation of AWPT’s portfolio of residual revenue stemming from ongoing works. Our backlog expanded by around eight times from the beginning of year 2017 till 2022H1. The expansion was driven mainly by the ability of the company to maintain a constant growth in the annual new awards. We are also eyeing acquisitions in the future that complements our portfolio to spur the expansion in KSA and internationally as well.” Today, it has over 80 projects in the Kingdom and is operating in all regions, serving a population of 15 million people.

For Rami Moussilli, real leadership is the ability to read and understand market trends, and to proactively adapt to constant changes. The dynamisms, cohesiveness, and full ownership of qualified teams not only safeguards the company from the tumultuous nature of today’s unpredictable markets, but also help seize the many opportunities that present themselves for the prepared. He aspires now to build on the legacy he created at the company and to further grow its dominance in the sector, both regionally and internationally.

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